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$30000 Max Rule in yr of termination


Guest pherr
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Guest pherr

As I understand it, in year of termination, a school teacher ina 403(B) can make a 1-time election to contribute a special make-up contribution. The amount is equal to the difference between what they could have contribtued vs what they did contribute during the previous 10 yrs. This amount is capped at $30000. Was this provision effected by EGTRRA? If yes how? If no.... great. Does anyone have a worksheet to help calculate this amount? Also, is this provision coordinated or integrated with the catch-up provision available to those participants with 15 or more yrs of service with an organization?

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Guest Yanikoski

This is one of three special Section 415 catchup provisions that was repealed under EGTRRA, along with the MEA calculation. So there is no need to deal with this calculations any longer, except if you happen to be validating a contribution that was made prior to 2002.

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